✨ Financial Statements
NEW ZEALAND GAZETTE, No. 104
29 AUGUST 2014
THE COMMUNITY TRUST OF SOUTHLAND
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2014
- TAXATION (continued)
b) Current tax assets and liabilities
Current tax assets
Current tax refundable
| $ | $ | $\Nil$ | $\Nil$ | |
|---|---|---|---|---|
| 8 | 81 |
Current tax liabilities
Current tax payable
| $\Nil$ | $\Nil$ | $\Nil$ | $\Nil$ |
|---|
The Community Trust of Southland is exempt from income tax.
- TRUST CAPITAL
| Group | Parent | |
|---|---|---|
| 2014 | 2013 | |
| $000 | $000 | |
| ---------------- | -------- | -------- |
| Opening and closing balance | $158 | $158 |
| $158 | $158 |
- RESERVES
| Group | Parent | |
|---|---|---|
| 2014 | 2013 | |
| $000 | $000 | |
| Capital maintenance reserve | 76 | 40 |
| Grants maintenance reserve | (52) | (18) |
| $24 | $22 |
- GRANT OBLIGATIONS
Commitments of $16,450,358 (2013: $3,705,300) exist for grants of the Group and $3,705,300 (2013: $16,450,358) for the Parent which will be distributed from either capital or income sources in future years.
| Group | Parent | |
|---|---|---|
| 2014 | 2013 | |
| $000 | $000 | |
| Balance at 1 April | 16,451 | 17,019 |
| Grants approved in current year | 5,469 | 5,565 |
| Grants paid in current year | (7,817) | (7,075) |
| Grants approved relating to future years | (819) | 1,309 |
| Grants withdrawn for current year | (34) | (20) |
| Grants withdrawn for prior years | (383) | (487) |
| Grant writeback Southland Outdoor Stadium Trust loan | (200) | - |
| Grant refunds | 25 | 25 |
| Change in present value | 55 | 115 |
| $12,747 | $16,451 |
The years in which these commitments fall due are as follows:
| Year ending 31 March | Group | Parent | ||
|---|---|---|---|---|
| 2014 | 2013 | 2014 | 2013 | |
| $000 | $000 | $000 | $000 | |
| Year ending 31 March 2013 | - | 10,189 | - | 1,843 |
| Year ending 31 March 2014 | 9,715 | 3,410 | 1,451 | 237 |
| Year ending 31 March 2015 | 2,056 | 2,079 | 743 | 853 |
| Year ending 31 March 2016 | 956 | 412 | 435 | 412 |
| Year ending 31 March 2017 | 20 | 361 | - | 361 |
| $12,747 | $16,451 | $2,629 | $3,706 |
All grants committed but not paid at balance date are initially recognised at committed value, but are then adjusted to reflect their fair value in present day dollar terms. This adjustment is achieved by discounting the future grants payable at a rate of 3.00% per annum, for each of the years from balance date until the date the grant is due to be paid.
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NZ Gazette 2014, No 104
✨ LLM interpretation of page content
💰
Community Trust of Southland Financial Report
(continued from previous page)
💰 Finance & RevenueFinancial report, Community Trust, Southland, Taxation, Trust capital, Reserves, Grant obligations